The foreign exchange reserves increased to USD 3.7 billion in April.Ch. Khurelbaatar, the Minister of Economy and Development, presented to the cabinet members the implementation of Government Resolution No. 362, dated October 5, 2022, on measures to increase foreign exchange reserves.
Foreign exchange reserves have increased and remained stable in recent months due to increased activity at border ports and increased exports. For example, as of the first four months of 2023, coal exports reached 19 million tons, which increased by 7.5 million tons from the same period in 2019, and 15.2 million tons from the same period of the previous year.
Mongolia's foreign currency reserves increased to USD 3.7 billion by the end of April 2023, while they were USD 2.5 billion in September 2022. As a result, economic growth reached 7.6 percent in the first quarter of 2023. The mining and service sectors mainly contributed to this growth.
